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Moody's upgrades India's 2024 GDP forecast to 6.8%

Rama Posted on: 2024-03-04 12:53:00 Viewer: 137 Comments: 0 Country: India City: Delhi

Moody's upgrades India's 2024 GDP forecast to 6.8% Moody's upgrades India's 2024 GDP forecast to 6.8%

 

Moody's has raised its GDP forecast for India in 2024 to 6.8%, signaling a positive economic outlook. The global credit rating agency's optimistic stance is grounded in India's position as the fastest-growing economy among G20 nations, driven by robust growth prospects and policy continuity. This revised GDP estimate marks an improvement from Moody's earlier projection of 6.1%, indicating a more favorable outlook for India's economic performance in the years to come.

Moody's envisions the momentum in India's GDP growth to persist into 2025, with a forecasted growth rate of 6.4%. The brokerage radar points to several factors contributing to India's economic prospects, including its strong growth trajectory and stable inflation, positioning the country as a pivotal driver of growth within the G20 group.

The agency expects the Reserve Bank of India (RBI) to maintain its policy rate in the coming months, providing additional support for economic stability and growth momentum. As India's economy gains traction, policymakers are anticipated to prioritize continuity and infrastructure development initiatives, especially post-general elections.

This push aligns with the government's vision to foster sustainable economic growth and address critical infrastructure gaps across sectors. Moody's upward revision underscores growing investor confidence and international optimism about India's ability to navigate challenges and leverage opportunities for sustained growth.

The outlook reaffirms India's standing as a promising investment destination, highlighting the nation's resilience amid global economic uncertainties. As India progresses on its path to economic recovery and transformation, stakeholders remain optimistic about its potential to emerge as a global economic powerhouse in the years ahead.

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